BERTAUX FRERES: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BERTAUX FRERES
Largest movements
- Stocks and contracts +€223,060
up €223,060 (+23.7%), from €940,383 to €1.2m
- Receivables within one year -€196,884
down €196,884 (-28.7%), from €685,457 to €488,573
of which Trade receivables: -€178,722
- Tangible fixed assets +€49,839
up €49,839 (+12.5%), from €397,258 to €447,098
of which Furniture and vehicles: +€28,257
- Reserves +€136,750
up €136,750 (+6.7%), from €2.0m to €2.2m
of which Distributable reserves: +€143,340
- Trade debts -€119,150
down €119,150 (-23.1%), from €514,906 to €395,756
- Other debts +€55,611
up €55,611 (+6465.7%), from €860 to €56,471
- Gross operating margin +€187,283
up €187,283 (+22.7%), from €826,055 to €1.0m
- Staff costs +€70,959
up €70,959 (+13.6%), from €521,922 to €592,881
- Financial charges +€51,130
up €51,130 (+60.9%), from €83,980 to €135,110
- Taxes +€13,716
up €13,716 (+45.4%), from €30,226 to €43,942
- Depreciation +€12,163
up €12,163 (+15.7%), from €77,639 to €89,802
From the 2023 result to the 2024 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,738,954 | €2,794,578 | +€55,624 | +2.0% |
| Fixed assets | 21/28 | €425,886 | €481,689 | +€55,803 | +13.1% |
| Tangible fixed assets | 22/27 | €397,258 | €447,098 | +€49,839 | +12.5% |
| Land and buildings | 22 | €305,896 | €307,077 | +€1,181 | +0.4% |
| Plant, machinery and equipment | 23 | €43,527 | €63,928 | +€20,401 | +46.9% |
| Furniture and vehicles | 24 | €47,836 | €76,093 | +€28,257 | +59.1% |
| Financial fixed assets | 28 | €28,628 | €34,591 | +€5,963 | +20.8% |
| Current assets | 29/58 | €2,313,068 | €2,312,889 | -€179 | 0.0% |
| Stocks and contracts in progress | 3 | €940,383 | €1,163,443 | +€223,060 | +23.7% |
| Stocks | 30/36 | €940,383 | €1,163,443 | +€223,060 | +23.7% |
| Amounts receivable within one year | 40/41 | €685,457 | €488,573 | -€196,884 | -28.7% |
| Trade receivables | 40 | €543,905 | €365,182 | -€178,722 | -32.9% |
| Other amounts receivable | 41 | €141,552 | €123,390 | -€18,162 | -12.8% |
| Cash at bank and in hand | 54/58 | €659,929 | €650,839 | -€9,090 | -1.4% |
| Deferred charges and accrued income | 490/1 | €27,299 | €10,035 | -€17,264 | -63.2% |
| Total equity and liabilities | 10/49 | €2,738,954 | €2,794,578 | +€55,624 | +2.0% |
| Equity | 10/15 | €2,123,738 | €2,259,050 | +€135,312 | +6.4% |
| Contributions | 10/11 | €65,900 | €65,900 | = | 0.0% |
| Reserves | 13 | €2,044,902 | €2,181,652 | +€136,750 | +6.7% |
| Non-distributable reserves | 130/1 | €6,590 | - | -€6,590 | |
| Reserves not available under the articles | 1311 | €6,590 | - | -€6,590 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,019,562 | €2,162,902 | +€143,340 | +7.1% |
| Investment grants | 15 | €12,936 | €11,499 | -€1,437 | -11.1% |
| Provisions and deferred taxes | 16 | €6,661 | €5,921 | -€740 | -11.1% |
| Deferred taxes | 168 | €6,661 | €5,921 | -€740 | -11.1% |
| Amounts payable | 17/49 | €608,554 | €529,606 | -€78,948 | -13.0% |
| Amounts payable after more than one year | 17 | €25,786 | €25,786 | = | 0.0% |
| Other amounts payable | 178/9 | €25,786 | €25,786 | = | 0.0% |
| Amounts payable within one year | 42/48 | €578,269 | €503,821 | -€74,448 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €2,195 | - | -€2,195 | |
| Trade debts | 44 | €514,906 | €395,756 | -€119,150 | -23.1% |
| Suppliers | 440/4 | €514,906 | €395,756 | -€119,150 | -23.1% |
| Taxes, remuneration and social security | 45 | €60,309 | €51,594 | -€8,715 | -14.4% |
| Taxes | 450/3 | €19,224 | €1,108 | -€18,116 | -94.2% |
| Remuneration and social security | 454/9 | €41,085 | €50,486 | +€9,401 | +22.9% |
| Other amounts payable | 47/48 | €860 | €56,471 | +€55,611 | +6465.7% |
| Accrued charges and deferred income | 492/3 | €4,500 | - | -€4,500 | |
| Remuneration, social security and pensions | 62 | €521,922 | €592,881 | +€70,959 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,639 | €89,802 | +€12,163 | +15.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,984 | +€1,984 | |
| Other operating charges | 640/8 | €20,888 | €25,861 | +€4,973 | +23.8% |
| Gross operating margin | 9900 | €826,055 | €1,013,338 | +€187,283 | +22.7% |
| Operating profit (loss) | 9901 | €205,607 | €302,810 | +€97,204 | +47.3% |
| Financial income | 75/76B | €2,276 | €12,251 | +€9,975 | +438.3% |
| Recurring financial income | 75 | €1,776 | €1,660 | -€116 | -6.5% |
| Non-recurring financial income | 76B | €500 | €10,591 | +€10,091 | +2018.2% |
| Financial charges | 65/66B | €83,980 | €135,110 | +€51,130 | +60.9% |
| Recurring financial charges | 65 | €83,980 | €135,110 | +€51,130 | +60.9% |
| Profit (loss) for the period before taxes | 9903 | €123,903 | €179,951 | +€56,049 | +45.2% |
| Transfer from deferred taxes | 780 | €740 | €740 | = | 0.0% |
| Income taxes | 67/77 | €30,226 | €43,942 | +€13,716 | +45.4% |
| Profit (loss) for the period | 9904 | €94,417 | €136,750 | +€42,333 | +44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,417 | €136,750 | +€42,333 | +44.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.